In this episode, Rob and Matt provide insight from their personal experience to answer a question from one of our listeners; "Should you invest first or travel first?"
With both Rob and Matt boasting extensive travel experience between them, both prior to building their investment portfolio, your hosts look back on their experiences to determine how it has impacted them and their life choices moving forward.
If you have the travel bug inside you but are stuck in the predicament of whether you travel first or build up your investment portfolio first, tune in for our inside views.
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KEY TAKEAWAYS
Why travel?
Travel can help you to understand the logic of life and teach you not to take things for granted. Experiencing different cultures and ways of living can bring clarity to your thinking and your purpose.
It provides time freedom and the experience of immersing yourself in different cultures can cause you to alter your views towards a materialistic lifestyle. Your mindset and focus on life will ultimately change in some way from the experiences you have along the way.
Travel can affect everyone in different ways as everyone is unique but one thing is certain: the experience alters everyone in some way.
Funding travel
Traditionally, travelling is possible by working and saving hard to fund a particular travel journey. You need to get to the point where your money is working for you, not you working for your money with the aim of achieving financial freedom so that you can choose to travel because your money is working for you.
Increase your capital while travelling
There are plenty of opportunities that will allow you to work whilst travelling. Working-Holiday visas are available in many countries that provide you the opportunity to build your capital whilst combining your travel experience. If you have a steady income, you can allow yourself to have some adventure and find out what you enjoy and what you are passionate about without the fear of running out of money.
Investing before travelling
If you choose to buy physical assets prior to travelling, ensure that you are around for the first development/project so that you fully understand the process. You can then use people on the ground to do the work for you and make use of technology to connect with them from wherever you are in the world.
Desktop research can be done from anywhere. Once you have systems in place to allow for a steady income whilst away, you can live the laptop lifestyle on the road and secure your financial freedom. Make sure you have a good relationship and positive communication with your property developer to ensure that you can successfully be elsewhere.
E.g. If you can secure 2 HMOs - this can provide you with enough passive income to secure your financial freedom,
A successful combination
‘If we’d known then what we know now, we would’
Both Rob and Matt believe that they are where they are today and have the focus that they currently have because of their experiences whilst travelling. However, if they were in the position where they knew they could invest and that's what they wanted to do, then they would combine the two options to get the best of both worlds.
There are 4 options, depending on your personal desires and available funds:
1. Use the money to go travelling
2. Use the money to invest and build up your capital to go travelling after
3. Use half of your money to invest and allow for some income, and the other half towards travelling.
4. Split your money, use half to invest and get a Working-Holiday visa to allow you to build up your capital back home whilst you travel.
BEST MOMENTS
"If your gut feeling is telling you to go travelling, to experience life in a totally different way, to get the best out of yourself and where you want to go, go travelling and come back with a different mindset."
"Look to network at every opportunity when travelling as you never know who you might meet."
‘I wouldn’t change anything about my travelling experience, I needed to get it out of my system’
‘When you’re travelling you just feel totally free’
‘Life’s a journey in itself’
‘Everyone has their own epiphany moment’
‘It depends on the individual and what they want to get out of life’
‘There are so many opportunities to have a residual income and live the life you want’
‘We are living in an age where it is so easy to become rich’
‘Your intuition will take you on the right path for you’
VALUABLE RESOURCES
https://www.amazon.co.uk/Rich-Dad-Poor-Teach-Middle-ebook/dp/B0175P82RA/ref=sr_1_1?ie=UTF8&qid=1548957630&sr=8-1&keywords=rich+dad+poor+dad
https://itunes.apple.com/gb/podcast/the-property-nomads-podcast/id1440016017?mt=2
ABOUT THE HOSTS
Rob Smallbone and Matt McSherry, the hosts of The Property Nomads Podcast, are on a global mission to guide your success. Success can happen in many ways, shapes and forms. Think about what success means to you. More properties? More clients? Financial freedom? Time freedom?
Rob & Matt are just two guys who want to make a huge difference to people around the world. They are here to guide your success in property, business and life and to inspire you to achieve your goals, dreams and visions.
They’ve travelled, explored, and invested. And they’re not planning on stopping these activities anytime soon.
Buckle up, sit tight and enjoy the ride that is life.
CONTACT METHODS
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